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of congressmen who were worried about government spending. the committee chairman is congressman jim jordan. what do you want to do? cut for people of? >> no, we want to help them get to a better life. what you need to do is create programs that actually help people get to a better life. john: ever done before. >> you do it by not waving the work requirement like this administration did. you -- john: to be fair, they have not totally waived a work requirement. they let some states experiment. >> they also let some states not have a work requirement and there sang were not going to require that one key element that helps people get to the american dream, experiences. did the job. that is what we want to see. that key ingredient to accomplish anything that we all learn. john: how? that was already in the original welfare reform act? we have a new welfare reform act, updated version. >> for trying to get a handle on all of the social welfare spending the federal government does. estimates are 600 billion the year when you factor in medicaid and the 70 plus different programs that are out there. john
to be for years and years that the government gave money to the banks in the form of guarantees, we would guarantee 90% of the bank loan that the banks made to the students. set ago is side the reserve in case the money didn't get repaid. it turned out the price of the loans went down and the default rate went down once you made the rates down, people could afford to pay it. we started letting the students to pay it at fixed percentage of north carolina. nobody had to drop out of school because they borrowed money. [cheering and applause] what the president did because he knew we needed more people to get college degrees the cost of college was killing people. we dropped from zenned in the world to 16th. the percentage of the people graduated from college until we are almost first in a percentage that go. it's because the cost and people thinking that can never pay it back. it's a big deal. what happened when president obama and the congress adopted the so-called direct student loan program and allowed students to pay that money back at the fixed percent of their income for twenty years.
. the two firms denied being influenced by the chinese government. john sudworth is in shanghai. what is the reaction there to this congressional hearing? >> there's been a statement out by the chinese foreign ministry suggesting that the chinese telecommunications companies operate within the law, but they have gained their success through their own commercial competitiveness and that they should not be singled out by u.s. congressional committees for criticism in this way. so it appears the chinese government is already lining up in defense. this is a damning report from an official body singling out two companies by name and suggesting that they simply have not done enough over the course of this investigation to demonstrate that they are free from influence from beijing. >> my understanding is the foreign ministry has done slightly more than just condemn this. have they not said this is the result of some kind of prejudice in america of chinese companies? >> in a sense, that is in the context in which there is a kind of growing focus on the issues of their trade and open access. i
by government through fiscal policy was the real blow-up risk. so if you think of a couple places in the world that we were the most afraid of like europe, i think the actions of the ecb to at least defer the problems with the sovereigns and the bank issues in europe, if they use this time to fix the problems, we'll look back and think it's a good thing. if they deferred them, made them worse in the long term, we won't feel that way. i think something similar has happened in the united states whereby a lot of liquidity has been provided by the central bank. >> andrew, you have operations throughout all of the world. what's your sense of growth? there are troubling reports about growth slowing down which so far have been a very powerful lifeline for global growth as united states and europe weakened, particularly china where you do a lot of business. >> i don't think we're going have an '08/'09 scenario out there for the reasons lloyd was addressed. i do think the world since '08/'09 to now has not gotten to normal. of course, the obvious, which is consumption in the u.s., is not where it was.
government announced they were what began lowering their corporate tax rate because they have to come pete in the eu -- compete in the eu region. we have been stymied. this is part of it. today, we have a situation where 40-some provisions of the tax code expire at the end of this year. 60-some expired a year ago. he really did not even have a tax code in the country today. he talked about the uncertainty he mentioned. this is for medium-sized business. what are the roles? it is like we're playing with the replacement referees and the irs. tell us what the rules are. >> i hear them saying we should emulate the swedish model. -- i never thought i would hear you saying we should emulate the swedish model. >> or the french or the others. >> the insidious europeans. >> the point everyone is trying to make is that we created most of these problems for ourselves. we should not be discouraged by the opportunity to resolve these issues. we should not be sitting around crying in our soup. we have to get up and pick ourselves up. if we fix the tax code in this country and if we establish a clear pat
are so heavily vested in government bonds. the report says japanese government bonds account for 24% of assets of banks in japan. the institutions could suffer heavy losses if bond prices plummet. banks around the world see japanese and u.s. government bonds as safer assets in the face of the prolonged credit crisis in europe. they snapped up japanese bonds, causing the yen to spike to record levels. imf economists note japan and the united states are facing huge deficits and the countries need to implement fiscal reforms to maintain investor confidence. it also acknowledges a decision by eurozone countries to launch a permanent fund designed to bail out struggling members. they say worries about the health of the region's financial system have increased since the spring with the need to use capital to help troubled banks in spain. >>> greece is one of the struggling eurozone members counting on bailout funds to keep it functioning. international lenders are demanding the country's politicians implement deep spending cuts in return for that aid. angela merkel traveled to athens to u
to their problems around the world. huddled in twos, threes, dozens, in board rooms, government buildings and hotels. hundreds have met together at annual meetings in tokyo of the international monetary fund and the world bank. and ron madison has been watching the meetings all week. ron, tell uh what is happening there today. >> reporter: we have been reporting on their, attempts to solve their economic challenges all week. in terms of reporting talking about that for quite a few years now. it is something to see hundred of people, some of the leading financial mind in the world to walk into a conference hall and all sit done together. today they filed into the plenary session at tokyo international forum and addressed the challenges of the debt crisis and the effects of that face to face. the director of the international monetary fund, challenged kol le ed colleague crisis behind them. urged them to complete the reform and in making changes urging them to remember those who are less privileged. >> there is a tough road ahead to transform your optimism. my optimism, your optimism into reality. but
does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest measure of everything we produce in society. he wants to do that by the end 6 his first term. right now government spending is at 25% of gdp. let's shed some more light on what romney's america would look like. kevin hassette is an economic adviser for mitt romney. stevon moore is an editorial writer for "the wall street journal." my good friend christine romans is the host of "your botto line" right here on cnn. folks, no party or ideological spin today, no using the name obama or the term democrat. pain the me a picture of what the world looks like under romney four years from now using specifics. you can't say things like it will be better, we'll be safer, everyone will be richer. tell me exactly what happens, the good and the bad. kevin you're responsible for writing some of the policy. i don't go first. >> yes, thanks, ali. i have to say i agree with your setup exactly. i commend your show for really being one of the only places that's talking about the storm in europe. the fact is the w
for governments and banks in countries such as spain and italy. vinals said neighbor nations need to do their part toward stability. policymakers need to build stronger firewalls and establish a banking union and a single supervisor. he said weak banks need to restructure their financing. now, vinals said what's happened in europe should serve as an example for financial leaders in the united states as well as here in japan. he said waiting until the strains become clearer just leads to harsher outcomes. vinals says japan's high level of debt presents a stability risk and said the government leaders need to deal with budget problems. they pointed to commercial bank holdings of government bonds as yet another risk. they project in five years bonds could make up a third of those banks' total assets and they warned those institutions would suffer heavy losses if interest rates rose. now, vinals said japanese leaders need to be more vigilant about their risks. i had a chance to speak with him about some of the problems and some of the solutions. mr. vinals, you spoke this morning about japan remaining
for under $50 billion in taxes out of the private sector and giving it to washington to increase government spending, that is not the answer. the best answer is to come and put the money in the communities. i went down there today and he did not say, thank you for coming. please take this money and bring it back to washington. he said, go back to washington and tell them they need a reality check. we are tired of the overspending and the taxing and taking more money out of the economy. there are real challenges here. i used to live here. i worked and i lived over there. i understand. many businesses are hurting right now. regulatory tax uncertainty is the biggest challenge they have. >> tomorrow will be the one- year anniversary of senator brown's first vote against 22,000 jobs here in massachusetts. i hope everybody who knows someone who is unemployed, every business who would like to see those paychecks to spend in their shops, will remember that. that is how we jump-start the economy. we get work that needs to be done, and we put people back to work. the bill would have cost millionaires
lose 35 jobs when it shuts down. you lose jobs let schools and at local government. that is the real cost of what his policies are bringing out by supporting bureaucrats in washington. one neighbor at a time, you've got two avenues to take. one is a government solution of believes government can bring you a job. and me, who believes we can revitalize and reenergize and renew the enthusiasm for montana if we can get government out of the way in our regulatory policy and in our industries. it is not just the businesses that will turn things around. it is those who will -- to work for those businesses who will help to create better opportunities for ourselves, our children, our businesses. i look people in the eye as i travel a run montana and i do not see statistics. we do not necessarily want to talk about the unemployment rate statewide. there are 56 counties with 56 cultures and histories and their own desire for their own future. and in liberty county and might be agriculture. in lincoln county might be timber. in eastern montana it might be oil and gas and coal. i want to get gove
something else for us which is to go to checklist of questions to do with for instance, government strategies, the presidential succession and so. so i'm going to deal with that first. one of the facts about algeria that is always to be borne in mind is that, of course, is an oligarchy, which means that it's the political problem of voucher is quite unlike tunisia around ben ali or egypt under a site. at an underbelly -- oligarchy which gives it a great deal of flex builder which gives it a range determined by the oligarchies own repertoire. i want to put the word repertoire after because i think the crucial problem of algeria, the absence of disciple change arises out of the limitations of the repertoires of the regime and of the opposition. i'm going to focus on the opposition in a moment. government strategy has been a sophisticated strategy involving at least five different elements. it's done a lot of flying off of discontent since the rights of january 2011. quite spectacular pay rises, virtually everybody demanded him and everybody did demand them. is allocated a lot of mone
governments, really they're overwhelmingly focused on domestic issues. s europeans are dealing with nothing but crisis in europe for the last three years. that's going to continue. that's occupying everything. the americans have an election coming up in four weeks. and there's much less interest in the united states in being the world's policemen or lender of last resort. japanese, you have prime minister every week. i mean, the level of consistency in governments here is just not feasible. and so really that does limit what can be done in any of these four. look, the longer the g-0 persists the more dangerous. so the persistence of the g-0 does lead to the creation of a new system. this is not a new world order. this is in between. precisely because you can't deal with the middle east conflicts in a g-0 world. you're not dealing with climate effectively in the g-0 world. new things will emerge. looking at the nape of the middle east right now, looking at how deep the european crisis is, how unwilling americans are to look outside their borders today, how much transportation is required wit
what we're seeing is a government seeking to assure its key constituents and to send a signal to the outside world in the face of what they consider pressure from the south and the government is strong and the national security of the north korea the safe. >> it's given that the south has only increased its missile capacity. >> absolutely. and i think we need to trecks last few months have been very tense on the korean peninsula, and there's been no love lost and the outgoing president is seen as someone who is hostile to the north and that certainly is how the knot paints him. this is very much a political gang waiting for the political senses of december and north koreans are not going to give an inch until they see the new president taking over in january. but for now, as you say, they have every reason to take a tough stance. >> thank you for your time on gmt. let's take a look at some of the other stories making hirnes around the world today. mexican authorities say the leader of the drug cartel appears to have been killed in a fire fight with marines. final forensic test
responsibility. we need to take a very different way of looking at how the federal government spends money. i support a moratorium on your marks because it had gotten out of control before it to congress. but that's the beginning slice of a much bigger question about how we bring down the size of the federal government. i have called for a 1% reduction in overall discretionary spending. i have called for a balanced approach on deficit reduction requiring the wealthy to pay more and more cutting in the federal government. >> you have 90 seconds. >> again, shame on you. you thought this campaign is going to be a coronation because you're a democrat and now you are in a serious race with a serious woman and you are desperate. therefore you raise these issues. my plan sites every word that i used from the brightest in the best to but my plan together. you would be better served to be putting a plan together. you need to be honest with the people of connecticut. you need to be honest about your special interest loans. to be honest about your attendance in washington. shame on you for taking this d
about big bird and cutting the government's apron springs doesn't cut it what does? >>guest: this is fought a serious debate when president obama said we cannot cut one small program. to we cannot cut this program what can we cut? we have $1.1 trillion deficit and that was an improvement. >>neil: the argument is, it is chump change. but you add them up, it adds up. >>guest: i do watch pbs a lot, sometimes i listen to npr but people would listen to it and watch it and like the programming, they should pay if it. talk about children's programming. it used to be "sesame" was the only game in town, the most successful program in the history of tv. now this are hundreds of programs like "sesame street" on pay for profit television. my feeling is, if people like warren buffett and people like ted turner feel this is such an important programming, why shouldn't they pay for it? >>neil: the issue here, you know, is what we spending and where we cut back on spending. the argument the liberals give you, maybe we just charge more for what we are spending money on. that gets back to mor
a number of years in the spanish government from 1977 to 82. he was an active participant in the negotiations for spanish entry to what is now the european union, the european economic community. he also participated in a number of spanish negotiation then they got, not wto and with the european union and spain a century into the union after democracy was restored in spain and spain was welcomed into the european community process. in the last year at this government coming was minister of the presidency, played a very essential role in the entire spanish government situation. shortly after he joined banco santander and has now been there for over 20 years. he is now vice-chairman of the bank, member of the board, also member of the board of banesto, banco santander in portugal, a member of the board of a number of other financial companies in the group and is president of the print of the foundation and spain. i think we are uniquely privileged data to have a speaker from banco santander with its unique ability to see both the spanish situation, the overall banking situat
." and too late. if you haven't got your application in, it is too late. bank of england government job should have been in half an hour ago. so if you didn't make it, you're not going. jim o'neill wasn't applying, scott mcdonald wasn't applying either. i didn't get mine in. so never mind. stick here. also coming up, we'll be heading to new delhi to hear how undoing regulatory requirements could boost investments. details from one of the author of the quarterly cfo survey. and also president chavez is fig celebrating a hard-fought victory. if you have any thoughts, comments, whatever you like, e-mail us worldwide@cnbc.com or tweet @cnbcwex or @rosswestgate. first we'll turn our attention to china. analysts say there is hope the mainland services sector can help offset weakness in the manufacturing side. hsbc also says early easing measures and stronger consumption demand may have helped world bank is warning it needs to brace for slow growth. it's their slowest pace since 2001. it's because of the exposure to china which also had its outlook cut. joining uses for more, norman chan. norm
to directly capitalize the banks. >> the perceived commitment of eurozone governments to mutualize the cost of spanish bank programs have been put into question very much so and should be rejected fairly clearly by core european finance ministers. and we think this is a destabilizing factor in the country's credit outlook. so the question is what pressure that might put on its italian auction today. they're selling up to 6 billion in july btb. we did see t-bills yields edging higher for italy. has already raised, though, 80% of the 465 billion needed to fund the 12012 outstanding debt. but those auction results will be out in just over an hour's or so time. >> even for the impact on spanish bonds, when people look and wonder perhaps why there isn't more impact, it's not just because this move is largely priced in. it's also because the ownership has been transitioning to domestic. so certainly at any time a healthy development itself. >> we also have data coming out, as well, spanish banks borrowing 400 billion euros in the ecb in september. 412 billion euros in august. so that number is st
enduring presence will be, and we're working on that right now both internal to our government, but also with our nato allies. so we're trying to determine based on the agreements made in lisbon and then reinforced in chicago about what this long-term commitment will be, and it's scoped against several missions, one of which is counterterror, another of which is continuing to train and advise at some level. another is to enable other agencies of government to do their job in afghanistan. and so as we determine how to, what we'll need to accomplish those missions based on the growth of the afghan security forces, sometime early in 2013 we'll come up with a number that will define our enduring presence. and then we'll take what we have there now, which is 68,000 u.s. and about 30, 34,000 coalition partners, and we'll establish a glide slope to get from where we are to where we're going to be. and the important point is that in that question is i want to reinforce that our objectives remain both sound and achievable. as for the insider threat, as i mentioned in my prepared remarks, the insi
the job of rewriting the rules of finance. government leaders need to tackle what she calls a legacy of high debt. lagarde says they should focus on getting people, particularly young people, back to work, and they should address the imbalances between rich and poor. she says financial leaders need to lift a veil of uncertainty. >>> one of lagarde's deputies says everyone at the imf world bank meetings is focused on uncertainty. our ron madison talked with joo ming to find out what he hopes will come out of this conference. >> which hold the most threat do you think of potentially derailing a fragile economy? >> the current risk number one is still the european crisis. if the crisis intensifies, it can cause skwit a bit of damage for the whole world. we did a study to see if one extreme case, for example, if things go, it could cause roughly 6% of gdp impact itself and roughly 6% for uk collective gdp impact, rough ly 2% for u.s and 2% for japan and china and the rest of the world. so, this is a pretty serious situation. >> we're seeing a slowdown now in china just ahead of the chang
libertarn said hold you horses, government should not ban businesses of any kind. even if the intentions are good, he is author of, it's nut cutin time in america. the viewers are concerned about spying from china on our intelligence and our corporations what say you? >> let me say, ni how. i am practicing my mandarin chinese, when our cred kits come calling i will know how to greet them when they arrive in cafornia, an old cowboy names con4ous. coconfusous, said, this old business of retaliating bacack d fort is not getting us anywhere we tried that in 20 30s, that got us in a deeper depression, we tried embargoing oil and metal with japanese that ended up in pearl harbor. you know itf we need more cyber security, hire more spooks instead of more irs agents for obamacare. we have a lot of kids sittingn a basement that know wha how tok stuff, beef up our security. >> you are worried about retailiation from china against our overseas could operations, our companies have units in china. >> this is a global economy. you know, this ain't like an american public school you get trophy for show
the difference. they have been doing that for several years in variety of ways. government buying on mortgages in spain and the string ran out as it did in the united states. germany has a lot of debt in its fist and really can't cash it in. the germans at some point have to say, this doesn't work. melissa: i mean the great thing about winning the nobel peace prize it comes with $1. million which is fantastic unless you're dividing it up among a bunch countries and works out to 23 cents for each of them. what do you think, could maybe this money will help them solve the debt crisis in europe? what do you think? >> kind of a drop in the bucket. use it for food relief in spain where people are eating out of dumpsters. angela merkel ought to go be among those people and see what is really going on the trouble is european leaders get to live in palaces that are much grander than our white house and they're very, very isolated and detached from what is happening to ordinary folks. melissa: my theory was the committee thinks they will award the $1.2 million for the big group and no one will show up
.65 a gallon, even creating a free-for-all for gas thieves. all thanks to government regulation. how much worse can it get? >> while iran is still trying to control its currency crisis its offshore oil platforms are reportedly under cyberattack. is the regime running out of time? >>> are electric cars actually bad for the environment? specifically, twice as bad as traditional cars? a shocking new study says they may not be so green after all. even when they say it's not, it is always about money melissa: let's take a look at the day's market headlines. investors staying cautious before tomorrow's earnings season kickoff with alcoa. summit between eu finance ministers brought modest declines to stocks. stocks closed down 26 points. shares of apple fell more than 2%. there are report that is a weekend strike broke out at a foxconn factory in china, a major a sembler in china. foxconn is denying the report. they have had major problems. >>> netflix shares surged more than 10% on the news closing at highest price since july. >>> our top story tonight, gas prices in california hitting another all-ti
hollywood, big government, big journalism, and big peace, p, e, a, c, e. he became a big player what is come to be called the new media including work as editor on "the drudge report" website and yes the "huffington post". bull buckley didn't dwell in the past but he believed we should and could learn from it. he was fascinated by the rise of the new media and encouraged conservatives to become involved in it as he had in the old media. he didn't live to see it come to full fruition and andrew left us too soon for him to become a greater influence than he already has. a tribute to him that his web sites and work endure. it is my pleasure as the winner of last year's william f. buckley, jr., award to present this year's award posthumously to andrew breitbart. may he rest in peace. [applause] may he rest in peace and may his legacy live on. accepting the award is oars son dean, susie's father and with him is alley mills dean. ♪ . >> thank you. thank you very much. thank you. thank you. you may remember me. i formally went on the screen, under the name of irene dunne. at my age i have some fr
the allegations and have the support of the chinese government. >> when china in the u.s. benefit from the business we do in america are, we hope the congress will monday's their opinions on prejudice but on the facts so as not to hurt bilateral trade relations. >> this is just the latest battle in a war of words over trade and economic practices. the u.s. has accused china of unfairly subsidizing renewable energy and the auto industry in china expressing complaints to the wto. clogs let's get to the u.s. election campaign. romney accused obama of failing to lead in the middle east. is going to frame his positions ahead of the next presidential debate next week. we have some analysis from our russian and correspondents in just a moment, but first tier are a few clips. >> it is our responsibility and the responsibility of the president to use our greatest power to shape history, not lead from behind the. destiny at the mercy of events. i will put the leaders of iran on notice that the u.s. and our friends and allies will prevent them from acquiring nuclear weapon capability. i will not
and global slowdown. lagarde says government can do more harm than good by cutting too far too fast. >> struggling eurozone countries should be granted more time to fix their fiscal problems according to the international monetary fund chief, christine lagarde. she said with many countries introducing drastic austerity programs at the same time, it is important to slow budget cuts, particularly in greece. >> i have said repeatedly that an additional two years was necessary for the country to actually face the fiscal consolidation program that is considered. >> the german finance minister is also in tokyo. he repeated his position that greece must stick to the cost- saving measures and timetables agreed with its international lenders. >> i think it is better for each country to try to solve its own problems and keep promises already made. if they cannot keep those promises, they must expect to be criticized for it. >> it is still not certain whether greece will qualify for its next installment of bailout funds. without the 31.5 billion euros in loans, they could be forced out of the
and that money buys the vaccines. the risks are relatively small. the returns are guaranteed by government donations. the real payoff, though, is seen in countries across the developing world. >> we were able to immunize 325 million children and save more than 5.5 million lives. >> reporter: firms issued the first vaccines in 2006. people in japan were allowed to start buying them two years later. they now account for half of the 60,000 investors worldwide. japanese are interested in the product because they have based low-interest rates on investments for years. but it's more than that. >> translator: i think it's very good because it can raise focus, and it can invest in meaningful activities at the same time. >> i think that conscience of the japanese public is very important to this effort. >> reporter: amy ohno wants to be part of that effort. she's looking forward to the next vaccine vial issuance. she likes the potential reward on her investment. >> translator: i'm home. >> reporter: and she likes the example she's setting for her 11-year-old son, kyohe. >> translator: there are so
. >>> plus fighting over fracking? a group of senators angry over new government guidelines. i will get all the details exclusively from north dakota senator john hoeven. even when they say it's not, it's always about money melissa: first let's take a look at the day's market headlines. there was no celebration on wall street over september's positive jobs number. only the dow managed to close the week in positive territory. it was up over just 34 points. >>> consumer credit rose more than 8% in august. it's fastest expansion in three months. that is a sign that consumers are ready to make big purchases again. >>> one year ago today, steve jobs, the visionary cofounder of apple, died at the age of 56 after a long battle with pancreatic cancer. the company remains an industry powerhouse despite the loss of their leader. >>> now on to our top story tonight. good news on the jobs front. according to the household survey, 700, i'm sorry, 873,000 people found a job last night. last month. that brought the unemployment rate down to 7.8% for the first time in 3 1/2 years. the employers survey thou
. we need to take a very different way of looking at how the federal government spends money. i support a moratorium on your marks because it had gotten out of control before it to congress. but that's the beginning slice of a much bigger question about how we bring down the size of the federal government. i have called for a 1% reduction in overall discretionary spending. i have called for a balanced approach on deficit reduction requiring the wealthy to pay more and more cutting in the federal government. >> you have 90 seconds. >> again, shame on you. you thought this campaign is going to be a coronation because you're a democrat and now you are in a serious race with a serious woman and you are desperate. therefore you raise these issues. my plan sites every word that i used from the brightest in the best to but my plan together. you would be better served to be putting a plan together. you need to be honest with the people of connecticut. you need to be honest about your special interest loans. to be honest about your attendance in washington. shame on you for taking this direction
on them by the government. >> he estimates the fact that as governor in eliminated the estate tax and took more than 100,000 low income virginians of the income tax rolls. i just thought i would correct him there. george and i have very different strategies. this is one of the most important programs that has ever been done by the government. more than 50% of american seniors have retired into poverty before it was passed. thank you we have -- thank god we have those days behind us. that would've been a huge catastrophe prior to the collapse in washington. what i would do is allow the payroll tax of words as a way of protecting the solvency of the program. on medicare, george allen supports the ryan budget that would turn medicare into a voucher program and push costs onto the seniors. i propose a senior savings costs, for example ending the prescription -- that we get. that would save us without jeopardize in the benefit of all. >> mr. allen, to ask both of you to take one minute to respond to tim kaine's assocation about medicare and to support the ryan budget? >> what i support is prese
. many governments have yet to s pass laws enforcing the protocol. the participants are expected to discuss how to secure funding to meet the targets agreed. >>> military personnel from the united states and philippines have begun 11 days of joint exercises. the the drills began monday on the western coast m facing the south china sea. 3800 personnel are taking part in this year's exercises. that's 800 more than last year. a philippine know military suggest they reflect the numbers growing in the region. u the philippines is engaged in disputes with china. chinese patrol boats are preventing philippine fishing boats from approaching. u.s. leaders have expressed concern that china is expanding its activities in the region. >>> australian prime minister has urged japan to sign a free trade agreement with her country as soon as possible. she says no other fta will be more logical. he spoke at a reception in sydney. >> japan is a critically important economic partner for austr australia and will remain so in the future but in a dynamic and changing region it's time to take the next s
there as tensions between the two countries intensify. the u.s. government suing the nation's biggest mortgage lender. we'll take a look at how the global industry is faring. then it's off to paris. the stricken car maker is downgraded by moody's a day after demonstrators stage protests. we'll have details from the french capital. and we'll head to new york where there's an appetite for young, profits that is, up nearly a quarter from a year earlier. we'll take a look on a big day for earnings on wall street. and a big week that's coming up. joining us now onset, though, bob mckey. bob, you're here with us, chief economist from independent strategy. i guess let's just begin by talking a little bit about some of these headlines that we're hearing from the imf regarding financial stability. obvious, i guess, to sort of draw attention to this issue, but in your mind, is there still lingering risk out there from the lack of reform, i guess, in some areas of the industry? >> i think what the global stability report is showing -- it's the third report the imf brings out at this semiannual meeting. e
made clear, there's nothing conservative about a government that prevents a woman from making her own health care decisions. governor romney talks about freedom. but freedom is the ability to determine the care you need when you need it. freedom is the ability to change jobs or start your own business without the fear of losing your health insurance. freedom is the knowledge that you'll no longer be charged more than men for the same health care. or denied affordable coverage just because you've beat cancer. and at a time when women make up nearly half the work force, and an increasing share of family bread winners, these are not just health issues or women's issues. these are economic issues that are vital and affect every family in america. they matter. when -- when a woman is the main bread winner for her family but takes home less pay for the same work, as a man does because she's a woman, that is not right. when my opponent's campaign was asked if he'd support legislation given -- giving women the tools to fight for an equal day's pay for an equal day's work, he said we'll get ba
this can happen if the make of government on november 7 is the same as it is today? >> no. i think will happen for another reason. i think first of all when people figure out there's a big chunk of change, and second of all when you have the debate between the people trying to protect entitlement, and the people trying to kill energy, who are you betting on? >> in california they're saying just allow the winter fuel blend is not early is going to save, make as much as 50 cents a gallon, they've been paying over $5 a gallon in california, and california has created -- [inaudible] >> california is america if we don't change. that's a scary thought. you can see the future, just look to california. it should scare everybody in america. no one would want to go the. part of the answer of california is to stop trying to be the federal government. they can save a lot of money if they pull back from the own agencies and own regulations. but i do think we have this opportunity, to tom's point on this leg of the school got it all fits on a growth like if you will. because i think that we woul
years, we have had revenues coming into the federal government at a level around 15% of gdp. that is a 60-year low. since 1960, we have never had a balanced budget in a year when revenues were less than 18% of gdp. in 2001, the last year we had a surplus, revenues were at 19.5% of gdp. we have a revenue problem. we need tax reform to solve it. some on the left have suggested corporate tax reform could be a source for new revenue but here i disagree. to preserve our international competitiveness, it is imperative we seek to reduce the corporate rate from 35% and do it on a revenue-neutral basis. this will boost growth and encourage more companies to reinvest in the united states. corporate tax reform, under the leadership of chairman baucus senator hatch should be treated separately from our attempt to get a handle on the deficit. but when it comes to the individual side of the code, our approach must be different. in this part of reform, the new money we collect from broadening the tax base cannot all be applied to prepare -- to reducing rates or else we will not get enough
is she coming now, why didn't she visit the two previous governments? because she knows hostility towards her is extremely high. remember for the better part of the last three or four year, she was seen as a scapegoat for the tough austerity measures that have been implemented here and that has led to the deep, deep recession in this country. well, she wants to send a message of support and solidarity about the reform efforts that have already been taken. but privately she'll be pressuring to say you have to continue with the reform efforts and we're not coming with any gifts. we'll make no further concessions. that will be her tough message as she comes here today. back over to you. >> what's interesting is that maybe the timing of this visit there seems to be imf saying we need to have a maybe pretty big did you tell forgiveness. how hard will that be for the germans and fins and dutch? >> i think politically impossible. i think they're warm up to the notion in a they need to give greece more time. but that means money. that money has to come from somewhere. it certainly won't come from
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